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Ought Payday Loans Be Prohibited?

Written By On 13/01/2013

The idea of getting into financial debt through applying for a payday loan should to be given proper consideration. Payday loans have been all over the media with certain politicians calling out for them to be removed instantly. But the question that hovers is, if they were ceased, how would people obtain short term financial help? Of course people can call out to demand that payday loans are halted, and sometimes we can see why. It is true that payday loans can get people into financial problems, but in most cases they give people a simple quick financial solution when there is nothing else available. There are even some struggling small firms that are not able to receive funding from banks and therefore choose to use payday loans to help their short term cash flow.

Cash Sorted agrees that payday loans are not necessarily the best choice when you are in financial difficulties, but we feel that a complete outlaw of this type of loan is not the answer. More attention should be given as to why many people and small firms are getting into financial problems and how we are able to help them.